AB Revocable Living Trust Agreement – Married Couple

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Overview

You can use an AB Revocable Living Trust to provide for the transfer of your assets to your spouse and other named beneficiaries after you die in a manner that avoids probate and reduces estate tax. You can also use it to provide for the management of property left to young beneficiaries.

If you allow your assets to go through probate, they are likely to be unavailable to your family and other potential beneficiaries until the probate of your estate is complete. This usually takes several months but can sometimes take years if your estate is complex.

This AB Revocable Living Trust is for a married couple with combined assets likely to be worth more than the current federal estate tax exemption threshold. For more information on AB Living Trusts see What is an AB Living Trust?

This Revocable Living Trust allows a husband and wife (or registered domestic partners) to transfer assets into the trust and to each stipulate how their assets are to be divided following their deaths. In many cases, one spouse (or partner) will leave their entire estate to the other spouse partly to allow the survivor to have the benefit of their assets and partly because the transfer is tax-free. However, if as a result of this transfer, the value of the surviving spouse’s estate ultimately ends up exceeding the unified estate tax credit at the time of his or her death, then estate tax will be payable on the excess. This charge to tax, or rather part of it, can be avoided by using an AB Trust. For more information on AB Living Trusts see What is an AB Living Trust?

This AB Revocable Living Trust is a downloadable form. It comes complete with guidance instructions on how to fill in the form as well as a variety of sample clauses including UTMA custodianship and child trust provisions.

If you are not completely familiar with AB Revocable Living Trusts and how they operate to reduce estate tax, we recommend that you purchase our book entitled “Make Your Own Living Trust and Avoid Probate”. This book not only contains all the forms you will need to make your own AB Revocable Living Trust but also gives you a detailed explanation of living trusts and how they work.